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BUSINESS & TECH

China Vanke Bets on Growth in Rental Market

Vanke plans to add 100,000 apartments for long-term rental this year, mainly in big cities like Beijing, Shanghai and Shenzhen. Photo: IC
Vanke plans to add 100,000 apartments for long-term rental this year, mainly in big cities like Beijing, Shanghai and Shenzhen. Photo: IC

China Vanke Co., the nation’s leading property developer, is repositioning its strategy to seek future growth from rental properties as the government encourages development of the fledging residential leasing market in a bid to rein in housing bubbles.

Yu Liang, Vanke’s chairman and chief executive officer, said Tuesday that the company has set its sights on becoming the leading player in the home rental market. Yu’s statement sparked a surge in Vanke’s Shenzhen-traded stock to a record 33.08 yuan ($5) a share during the day. The shares have recorded robust growth so far this year, rising 60% from the beginning of the year.

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